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I ran a screen for broker rating changes last week and picked out only those stocks that have been upgraded by the brokers, and that have relatively low PEG Ratios.

This is only a quick pick list, so investors considering these stocks should do some further research before making an investment decision. However, it's worth a read if you're looking for undervalued stocks with growth potential and possible recent positive changes in fundamentals.

1) HollyFrontier Corporation (NYSE:HFC) operates as an independent petroleum refiner and marketer in the United States.

On June 11, 2012, Argus upgraded HollyFrontier from Hold to Buy.

The company has a PEG Ratio of 0.27. Other market ratios: P/E Ratio: 5.25, Forward P/E Ratio: 8.30, P/S Ratio: 0.38, P/B Ratio: 1.34.

The median target price projected by analysts is $40.00, which means 19.3% upside potential from today's price of $33.53.

2) Allegheny Technologies Incorporated (NYSE:ATI) engages in the production of specialty metals worldwide.

On June 14, 2012, Allegheny Technologies was upgraded from Hold to Buy at Deutsche Bank.

The company has a PEG Ratio of 0.32. Other market ratios: P/E Ratio: 15.61, Forward P/E Ratio: 7.76, P/S Ratio: 0.61, P/B Ratio: 1.29.

The median target price projected by analysts is $56.00, which means 85.5% upside potential from today's price of $30.19.

3) Oasis Petroleum Inc. (NYSE:OAS), an independent exploration and production company, engages in the acquisition and development of oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.

On June 17, 2012, UBS upgraded Oasis Petroleum from Neutral to Buy.

The company has a PEG Ratio of 0.44. Other market ratios: P/E Ratio: 23.19, Forward P/E Ratio: 10.09, P/S Ratio: 5.84, P/B Ratio: 3.68.

The median target price projected by analysts is $39.00, which means 51.6% upside potential from today's price of $25.72.

4) Verifone Systems Inc. (NYSE:PAY) designs, markets, and services electronic payment solutions in North America and internationally.

On June 18, 2012, VeriFone Systems was upgraded from Neutral to Buy at UBS.

The company has a PEG Ratio of 0.47. Other market ratios: P/E Ratio: 15.11, Forward P/E Ratio: 9.88, P/S Ratio: 2.15, P/B Ratio: 2.79.

The median target price projected by analysts is $55.00, which means 70.7% upside potential from today's price of $32.22.

5) LSI Corporation (NASDAQ:LSI) designs, develops, and markets storage and networking semiconductors worldwide.

On June 15, 2012, CLSA upgraded LSI from Sell to Underperform.

The company has a PEG Ratio of 0.49. Other market ratios: P/E Ratio: 9.85, Forward P/E Ratio: 7.99, P/S Ratio: 1.72, P/B Ratio: 3.15.

The median target price projected by analysts is $11.00, which means 65.9% upside potential from today's price of $6.63.

6) EOG Resources, Inc. (NYSE:EOG), together with its subsidiaries, engages in the exploration, development, production, and marketing of crude oil and natural gas primarily in the United States, Canada, the Republic of Trinidad and Tobago, the United Kingdom, the People's Republic of China, and the Argentine Republic.

On June 17, 2012, EOG Resources was upgraded from Neutral to Buy at UBS.

The company has a PEG Ratio of 0.69. Other market ratios: P/E Ratio: 20.15, Forward P/E Ratio: 15.60, P/S Ratio: 2.66, P/B Ratio: 1.99.

The median target price projected by analysts is $125.50, which means 30.8% upside potential from today's price of $95.95.

Comparison Charts

Below is a chart comparing the stock price changes as a percentage for the selected companies during the last 6 months.

click images to enlarge

HFC Chart

This chart shows the historical revenues for the selected companies:

HFC Revenues Chart

Sources: Yahoo Finance, Google Finance, Finviz, YCharts.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.